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Renewed Selling Pressure Expected For Indonesia Shares

August 12, 2018, 10:01:00 PM EDTBy RTT News

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(RTTNews.com) - The Indonesia stock market has alternated between positive and negative finishes through the last five trading days since the end of the two-day slide in which it had stumbled more than 25 points or 0.4 percent. The Jakarta Composite Index now rests just above the 6,075-point plateau although it figures to head south again on Monday.

The global forecast for the Asian markets is negative, largely on trade and geopolitical concerns. The European and U.S. markets were down on Friday and the Asian bourses figure to open in similar fashion.

The JCI finished slightly higher on Friday following support from the utilities, a mixed picture from the financials and weakness from the resource stocks.

For the day, the index gained 11.92 points or 0.20 percent to finish at 6,077.17 after trading between 6,059.99 and 6,107.70. There were 186 decliners and 181 gainers, with 138 stocks finishing unchanged.

The lead from Wall Street is soft as stocks moved lower on Friday after closing mixed in the previous two sessions.

The Dow slid 196.09 points or 0.77 percent to 25,313.14, the NASDAQ fell 52.67 points or 0.67 percent to 7,839.11 and the S&P 500 dropped 20.30 points or 0.71 percent to 2,833.28.

The weakness came amid concerns about rising tensions between the U.S. and Turkey due to the Turkish detention of U.S. pastor Andrew Brunson. The Turkish lira has plummeted to a record low, contributing to weakness in the overseas markets.

In economic news, the Labor Department noted a modest increase in consumer prices in July - while core consumer prices also edged higher.

Crude oil prices climbed higher on Friday, lifted by International Energy Agency's forecast that world oil demand will increase next year. Crude oil futures for September delivery ended up $0.82 or 1.3 percent at $67.63 a barrel.

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